Our work supports the financial security of Washingtonians today and for generations to come. We help our clients make informed decisions and navigate the uncertainties of the future through expert, accurate, and objective analysis. We strive to communicate our work in an easy to understand and accessible manner.

Who We Are

We are an independent and non-partisan Legislative agency and work primarily on the funding and benefit issues of the state’s public
retirement systems. OSA was created in 1977 and its duties are listed in
Chapters 44.44 and 41.24 RCW.

Click the title of OSA's responsibilities to see an expanded list. Click the title a second time to contract the list.

Statutory Requirements

Recommendations

Contribution Rates
Calculate and certify contribution rates for the Pension Funding Council (PFC)
based on funding policies, methods, and assumptions set in current law.
PFC also solicits an outside audit to verify OSA results.
Rates subject to change by the Legislature.

Economic Assumptions
Recommend economic assumptions to the PFC and Select Committee on Pension
Policy based on an experience study produced every two years.
Assumptions subject to change by Legislature.

Reports

Actuarial Valuations
Performed for all state funded and/or state sponsored retirement plans based on
funding policies, methods, and assumptions set in current law.
Subject to statutory requirements and actuarial standards of practice.
Full actuarial disclosure, including the funded status of the state’s retirement plans;
performed annually.
Required by state law in even-numbered years to calculate and certify contribution
rates based on the funding policies, methods, and assumption set in current law for
the ensuing biennial state budget.
Used for informational purposes only in odd-numbered years.
Usually published in the fall.

Demographic Experience Studies
Compare actual experience to actuarial assumptions.
Supports recommended assumption changes.
Required and published once every six years.

Actuarial Fiscal Notes
Prepared for pension bills or bills introduced to the Legislature that may alter
state retirement plan’s funding status.
Current law requires any additional costs and impact to contribution rates be
calculated accordingly.

Click the title of OSA's customers to see an expanded list. Click the title a second time to contract the list.

Legislative Branch

Pension Funding Council
Valuations for all state pension systems; economic and demographic experience
studies; calculate and certify contribution rates based on the funding policies, methods,
and assumptions set in current law; risk modeling; and recommendations on economic
assumptions.

The following report measures critical agency functions to monitor and manage our performance and identify areas of improvement. We interview our
clients to gather measurement information. We document client expectations, measure levels of satisfaction with the expectations, and identify new
or emerging expectations. We also conduct on-going staff interviews to measure employee satisfaction.

We model the highest level of professionalism. We remain independent and unbiased when delivering services in support of our mission. We
value teamwork and collaboration to continually improve the quality of our services and working relationships. We promote a fun and friendly
office culture that provides work-life balance and opportunities to grow.

Actuaries are math professionals who measure and manage financial risk. They are employed by insurance companies, banks, or investment firms. In
state government, agencies administering pension, health care, unemployment, or worker's compensation benefits rely on actuarial calculations in one
way or another.

Pension actuaries estimate the financial implications and consequences of events twenty, thirty, or more years into the future. They are
concerned with demographic trends and statistics within the pension plans’ membership. They analyze the economic factors that may affect the
value of a pension plan’s benefits or assets. This work relies on mathematical principles and assumptions, statistics, probabilities, and
experience.